Rising Geopolitical Concerns Contribute To Further Weakness On Wall Street

Market Performance - Major stock indices experienced a decline, with the Nasdaq dropping 238.12 points (1.0%) to 23,471.75, the S&P 500 falling 37.14 points (0.5%) to 6,926.60, and the Dow decreasing 42.36 points (0.1%) to 49,149.63 [1] - The tech sector, particularly software stocks, faced significant losses, leading to a 2.4% drop in the Dow Jones U.S. Software Index, marking its lowest closing level in eight months [5] Company-Specific News - Wells Fargo's shares fell by 4.6% after reporting better-than-expected fourth-quarter earnings but weaker-than-expected revenues [2][3] - Bank of America saw its shares tumble by 3.8% despite exceeding analyst estimates for fourth-quarter results [3] - Citigroup also experienced a notable decline in its stock price, despite reporting better-than-expected fourth-quarter results [3] Economic Indicators - The U.S. Commerce Department reported a 0.6% increase in retail sales for November, surpassing expectations of a 0.4% rise, following a revised 0.1% decline in October [4] - Excluding motor vehicle and parts dealers, retail sales grew by 0.5% in November, compared to a 0.2% increase in October [5] - A separate report from the Labor Department indicated a modest increase in U.S. producer prices for November [5] Sector Performance - Networking stocks showed considerable weakness, with the NYSE Arca Networking Index losing 1.6% [6] - Airline and retail stocks also faced notable declines, while energy stocks demonstrated significant strength [6]